TY - JOUR
T1 - Maximising and satisficing opposite or equivalent concepts?
AU - van Witteloostuijn, Arjen
PY - 1988/1/1
Y1 - 1988/1/1
N2 - In this paper a proposition is defended that there is no real contradiction between choice theoretic 'maximising' notions and behaviourist 'satisficing' principles. If the often pronounced behaviourist critique of the maximising postulate is compared with well-designed choice theoretic models, then the apparent contrasts disappear. Behaviourist as well as choice theoretic frameworks permit the introduction of uncertainty and routines. In fact, both approaches lead to comparable results. Maximising and satisficing decision rules are equivalent rather than opposite principles.
AB - In this paper a proposition is defended that there is no real contradiction between choice theoretic 'maximising' notions and behaviourist 'satisficing' principles. If the often pronounced behaviourist critique of the maximising postulate is compared with well-designed choice theoretic models, then the apparent contrasts disappear. Behaviourist as well as choice theoretic frameworks permit the introduction of uncertainty and routines. In fact, both approaches lead to comparable results. Maximising and satisficing decision rules are equivalent rather than opposite principles.
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U2 - 10.1016/0167-4870(88)90037-2
DO - 10.1016/0167-4870(88)90037-2
M3 - Article
AN - SCOPUS:0041686986
VL - 9
SP - 289
EP - 313
JO - Journal of Economic Psychology
JF - Journal of Economic Psychology
SN - 0167-4870
IS - 3
ER -